The portfolio comprises 1,345 Central London rooms, around 930,000 square feet of real estate. The four upscale hotels have significant meeting and conference space as well as boasting high quality spa and leisure facilities including swimming pools.

The portfolio was sold by Grange Hotels, one of London's largest privately-held hotel groups which, following the transaction, will own and operate 13 hotels, primarily in Central London.

Queensgate has an agreement with Fattal Hotel Group, a EUR 2 billion hospitality company with 200 hotels across 18 countries, to run the assets. Fattal Group will implement rolling refurbishments of all assets and will pursue a repositioning strategy to drive superior performance and growth, increasing its London portfolio to a total of seven hotels and 2,000 rooms.

David Fattal, Chief Executive of Fattal Hotel Group said: "The Fattal Hotel Group is very happy to become active in central London, with the operation of four significant and highly regarded hotels. The four hotels will undergo an extensive renovation plan and will be flagged by our Leonardo Royal and NYX brands. We thank Queensgate for their trust and partnership."

A spokesman for Grange Hotels said: "We are delighted with the outcome of the transaction. We acquired, developed and constructed the portfolio over a period of 20 years. The four hotels give the purchaser immediate scale in excellent locations, in one of the most highly sought-after and dynamic markets in the world."

Brown Rudnick and EY advised Queensgate.

HFF Securities acted as exclusive financial adviser to Grange.

Notes to Editors:

QUEENSGATE

Queensgate Investments LLP ("Queensgate") advises and manages around GBP 3B worth of assets through the suite of Queensgate Investments Funds.

Queensgate is a partnership between the Kow Family, Alvarium Investments (formerly known as LJ Partnership), Peterson Group and Dilmun.

Grange Hotels, one of London's largest privately-held hotel groups, was founded in 1980. The Company's business is owning, operating and developing hotels.

Through successful trading and selective acquisitions, the Company grew the hotel portfolio to seventeen strategically-located upscale hotels, mainly in Central London. In addition, Grange has several development sites in prime London locations.